Benefit of letting out your property during the Olympics 2012
Tips on how to sell your property as a holiday let during the Olympics 2012
According to data released by Zoopla in July 2011, property prices around Olympic sites have increased by 11.9% since the Games were announced; this figure outstrips the average UK house price growth of 7.2% over the same period.
Nicholas Leeming, business development director of Zoopla.co.uk, said: "There's no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices.”
The NLA advises that homeowners use the following ten points as guidance if they wish to rent their homes as a short-term holiday let:
1) Ensure the accommodation is properly furnished and includes beds, sheets, towels and appliances – a Wi-Fi connection will be an advantage
2) Keep the property to a high standard, tenants visiting during the Olympics will expect good quality accommodation
3) Check the terms and conditions if using a letting agency to find a tenant; typically, they charge a commission of up to 25%
4) Use a letting agent that is registered with a professional body such as the UK Association of Letting Agents or the Association of Residential Lettings Agents
5) Issue a contract for a Holiday Let or Licence. This can be downloaded from a reputable service that supplies such legal forms such as www.oyezforms.co.uk
6) Be aware that this type of tenancy contract does not fall within the legislation requiring a tenancy deposit to be protected in a government-authorised tenancy deposit protection scheme
7) Take an inventory detailing the contents of the property
8) Ensure that rent for the whole tenancy is obtained upfront
9) Supply enough sets of keys for the number of people renting the property
10) Provide information about the area, such as maps, an events calendar and transport advice.
David Salusbury, NLA Chairman, said: “It’s important that homeowners wishing to let their properties during the 2012 Olympics are aware of their responsibilities to tenants, as well as the various regulations they must comply with.”
